- USD / CAD is fluctuating in a narrow channel on Monday.
- The US dollar index retreats to the 91.00 area during the American session.
- WTI continues to climb and is approaching $ 58.
The pair USD / CAD It fell to a session low of 1.2739 in the early trading hours of the US session, but lost its bearish momentum amid a lack of significant fundamental drivers. At time of writing, the pair was virtually unchanged on a daily basis at 1.2753.
No US macroeconomic data was released on Monday, and the dollar weakened modestly against its rivals after major Wall Street indices opened at new all-time highs on Monday. The US Dollar Index (DXY) fell to 90.89 after the opening bell, but returned to the 91.00 zone, where it was posting small daily losses.
The oil rally continues unabated
Meanwhile, crude oil prices are rising for the sixth day in a row on Monday, helping the commodity-related loon to remain resilient. At the moment, a barrel of West Texas Intermediate (WTI) is trading at its highest level in more than a year at $ 51.95, gaining 1.75% on the day.
In a preview of this week’s key events for the CAD, “a quiet week for data will keep markets focused around the ongoing pandemic and US stimulus developments.” December will provide the only economic data for the week when released on Friday, but we will also hear from Lane from the BoC on Wednesday. “
Technical levels
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